Canadian Tire Corp. Ltd. reported its fourth-quarter profit and revenue fell compared with a year ago as it said it navigated a challenging economic environment.
The retailer says it earned a profit attributable to shareholders of $172.5 million, or $3.09 per diluted share, for the 13-week period ended Dec. 30.
The result compared with a profit of $531.9 million, or $9.09 per diluted share, in the same quarter a year earlier.
Canadian Tire says its normalized diluted earnings per share for the quarter came to $3.38 compared with $9.34 a year earlier.
Revenue totalled $4.44 billion, down from $5.34 billion in its fourth quarter of 2022.
The company says consolidated comparable sales were down 6.8 per cent as it saw a softening of consumer demand, compounded by weaker sales due to unseasonable weather across the country in December.
This report by The Canadian Press was first published Feb. 15, 2024.
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